Chatswood serves the life and health insurance sector in New Zealand with market intelligence, data, and bespoke consulting services. Some of these are provided in conjunction with Quality Product Research Limited - a subsidiary that brings you Quotemonster.
We believe that good decisions are more likely to occur when we have good information about the market environment in which we operate. Intuitive leaps and creative decisions are always required, of course, but the more they are based on a firm foundation of observation, the better they tend to be.
Legal and regulatory update for the life and health insurance sector
The FIU release the CASH report for July; RBNZ publish two analytical notes around monitoring financial stability; FMA warn the public of new scams; ASIC proposes to extend three legislative instruments; COFR sets a vision for the NZ insurance sector.
30 Jul 2024 - NZ Police Financial Intelligence Unit release “The CASH Report” for July 2024, which replaces "The Suspicious Activity Report”. https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-jul2024.pdf
31 Jul 2024 - The Reserve Bank of New Zealand has published two new Analytical Notes that investigate utilising new models and data sources to complement existing approaches to monitoring financial stability.
The first Analytical Note - Getting sentimental: Using news sentiment to measure financial stress in New Zealand, investigates using measures of news sentiment as early-warning indicators of financial stress in New Zealand. This Note introduces new indicators which measure economic news sentiment in New Zealand.
The second Analytical Note -Beyond the crystal ball: forecasting non-performing loans authored, investigates the relationship between non-performing loans and economic conditions to provide insights into the future health of New Zealand’s financial system. https://www.rbnz.govt.nz/hub/news/2024/07/reserve-bank-of-new-zealand-explores-new-techniques-to-enhance-financial-stability-monitoring
7 Aug 2024 - The FMA have released a public scam warning alerting New Zealanders to an increase in fake advertisements using images and deepfake videos of political figures. https://www.fma.govt.nz/library/articles/deepfake-video-scam-warning-fake-news-stories-political-endorsements/
7 Aug 2024 - ASIC proposes to extend the operation of three legislative instruments for a further five years:
Class Order [CO 14/923] Record-keeping obligations for Australian financial services licensees when giving personal advice,
ASIC Corporations and Credit (Breach Reporting—Reportable Situations) Instrument 2021/716, and
ASIC Credit (Breach Reporting—Prescribed Commonwealth Legislation) Instrument 2021/801.
ASIC has assessed that these instruments, which are due to expire in October 2024, are operating efficiently and effectively, and continue to form a necessary and useful part of the legislative framework.
7 Aug 2024 - The Council of Financial Regulators (CoFR) Insurance Forum has set a vision for New Zealand’s insurance sector. The vision is for an insurance sector that is forward-looking, fair, stable, competitive and efficient, promoting informed and confident participation by consumers and business. https://www.cofr.govt.nz/news-and-publications/financial-regulators-set-vision-for-new-zealand-insurance-sector.html
Legal and regulatory update for the life and health insurance sector
25 Sep 2023 - FMA's latest '5 mins with the FMA' podcast #8: KiwiSaver Annual Report https://www.fma.govt.nz/library/podcast/5-mins-with-the-fma-podcast-8-kiwisaver-annual-report-2023/
25 Sep 2023 - NZ Police Financial Intelligence Unit released “The Suspicious Activity Report” for July/August 2023 https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-jul-aug2023.pdf
25 Sep 2023 - ASIC is calling on Australian financial services and credit licensees (licensees) to ensure they remediate affected customers quickly and fairly, in line with ASIC’s guidance in Regulatory Guide 277 Consumer Remediation (RG 277). https://asic.gov.au/about-asic/news-centre/news-items/asic-calls-on-licensees-to-strengthen-remediation-procedures/
Legal and regulatory update for the life and health insurance sector
9 Jun 2023 - ASIC has granted relief to life and general insurers to provide modifications and exemptions from the confirmation of transaction requirements contained in section 1017F of the Corporations Act in prescribed circumstances. The relief will expire on 1 July 2028.
Confirming transactions – deceased life insurance policyholder
This relief seeks to address situations where it may not be appropriate and/or necessary to confirm transactions with the holder of a life insurance policy where the life insurance policyholder is deceased and there is no alternative holder of the product.
Confirming transactions – recurring insurance benefit payments
For certain recurring benefit claims, this relief seeks to facilitate life and general insurers providing confirmation in the form of a statement given before, rather than after, the transactions are made. This includes benefit payments where the holder of the product is unable to work because of illness, injury or unemployment.
13 Jun 2023 - ASIC invites Australian entities to take part in the ASIC cyber pulse survey to measure cyber resilience https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-160mr-asic-invites-australian-entities-to-assess-their-cyber-resilience/
13 Jun 2023 - NZ Police Financial Intelligence Unit released “The Suspicious Activity Report” for April 2023 https://www.police.govt.nz/sites/default/files/publications/fiu-monthly-report-apr2023.pdf
13 Jun 2023 - The Reserve Bank of New Zealand has released its finalised risk weighting decisions and response to the points raised in submissions. They have also published an Exposure Draft of the associated Banking Prudential Requirements (BPR) document that covers the technical changes needed to implement the decisions. https://www.rbnz.govt.nz/hub/news/2023/06/further-decisions-on-bank-risk-weights-released
14 Jun 2023 - Minister of Finance, Hon Grant Robertson, May 2023 diary released with the following potential financial services sector related meeting noted:
• 1 May 2023 – Ministerial meeting with RBNZ officials, Treasury officials
• 12 May 2023 – Speech at BNZ pre-Budget event
• 12 May 2023 – Speech at Centre for Sustainable Finance CEO roundtable
• 19 May 2023 - Speech at ANZ post-Budget event
• 22 May 2023 – Meeting with RBNZ
• 24 May 2023 - Call with RBNZ
https://www.beehive.govt.nz/sites/default/files/2023-06/Ministerial%20Diary%20May%202023.pdf